Yoda and Techinvestor are right, looking at Note 9: receivables, we can see that it reads:
Accounts receivable
LESS allowance for doubtful debts.
This account has an opening balance from last year,
then an amount provided in the year (which is an estimate of that year's receivables that they wont be able to collect, i.e. will be written off).
Then a debts written off/collected. Note that this amount is positive and so reduces the allowance for doubtful debts. This is the amount that has been confirmed to be uncollectable and so the allowance for DD and the accounts receivable amount are reduced by this amount.
This gives our closing balance for doubtful debts.
But hey, $22m written off isn't all too bad from over $2bn in turnover. And further, late fees reduces the impact of this amount to the bottom line.
APT Price at posting:
$19.69 Sentiment: Hold Disclosure: Held
